High-level discussions between the Maldives and the UK have illuminated the potential of the Maldives International Finance Service Authority (MIFSA) to catalyse economic advancement in the Maldives. Minister of Economic Development and Trade, Mohamed Saeed, engaged in these talks during his visit to the UK as part of the Commonwealth Trade and Investment Round Table meeting.
In an exclusive interview with PSM News, Minister Saeed underscored President Dr. Mohamed Muizzu's vision to diversify the Maldives' economic landscape, reducing reliance on singular economic drivers. Central to this strategy is the establishment of MIFSA, envisioned as a cornerstone of a modern financial market in the Maldives. Minister Saeed revealed plans to form a MIFSA board by July, with concurrent efforts underway to inaugurate a Development Bank.
Minister Saeed stressed the pivotal role of contemporary regulations, a resilient banking infrastructure, and sophisticated financial instruments in facilitating MIFSA's operations. Collaborative efforts with the UK, renowned for its financial prowess, are deemed indispensable in realizing these objectives. Thus, Minister Saeed's visit to the UK centered on garnering support to bolster MIFSA's capabilities, thereby becoming a linchpin in the Maldives' economic trajectory.
Furthermore, Minister Saeed expressed optimism regarding the comprehensive support and cooperation anticipated from key UK officials participating in the Commonwealth Trade and Investment Round Table. His itinerary included meetings with the UK’s Trade Minister and other senior officials integral to trade and finance, signaling a burgeoning partnership poised to drive economic prosperity in the Maldives.